Okinawa Electric Power, The Current Fiscal Year Ordinary Profit Revised Downward by 15%

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Fri Jan 31, 2025 1:00 pm JST Earnings

9511 The Okinawa Electric Power Company,Incorporated 【J-GAAP】

Earnings Report

The Okinawa Electric Power Company,Incorporated <9511> [TSE Prime] announced its financial results in the afternoon session on January 31st (13:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) expanded 11.5 billion yen, an increase 97.7% compared to the same period last year.

However, the full-year consolidated ordinary profit has decreased 14.7%, from the previous forecast of 6.8 billion yen to 5.8 billion yen (compared to 2.56 billion yen in the previous period), leading to a reduction in the profit growth rate from 2.6 times to 2.3 times.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit/loss for the October to March period (2H) has been revised downward from an expected loss of 0.07 billion yen to a loss of 1.07 billion yen (compared to a loss of 1.64 billion yen in the same period of the previous year), indicating an expansion in the loss margin.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit surged 2.9 times that of the same period last year, reaching 4.69 billion yen. The operating profit margin drastically improved from 3.3% in the same period last year to 8.6%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	174,537	-34,546	-34,678	-29,151	-536.7	ー	Feb 3, 2023	J-GAAP
Apr - Dec, 2023	187,312	6,584	5,852	4,564	84.1	227.9	Jan 31, 2024	J-GAAP
Apr - Dec, 2024	186,303	12,344	11,568	9,343	172.0	199.4	Jan 31, 2025	J-GAAP
YoY	-0.5%	+87.5%	+97.7%	+104.7%	+104.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	106,371	816	-71	-354	-6.5	10	Oct 31, 2024	J-GAAP
Oct - Mar, 2024 New	108,471	-184	-1,071	-1,154	-21.3	10	Jan 31, 2025	J-GAAP
Revision Rate	+2.0%	－	-1,408.5%	-226.0%	-225.9%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	233,600	8,100	6,800	5,000	92.1	20	Oct 31, 2024	J-GAAP
Mar, 2025 New	235,700	7,100	5,800	4,200	77.3	20	Jan 31, 2025	J-GAAP
Revision Rate	+0.9%	-12.3%	-14.7%	-16.0%	-16.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	105,893	-1,223	-1,648	-847	-15.6	5	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	108,471	-184	-1,071	-1,154	-21.3	10	Jan 31, 2025	J-GAAP
YoY	+2.4%	+85.0%	+35.0%	-36.2%	-36.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	223,517	-48,406	-48,799	-45,457	-837.0	0	Apr 28, 2023	J-GAAP
Mar, 2024	236,394	3,481	2,568	2,391	44.0	10	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	235,700	7,100	5,800	4,200	77.3	20	Jan 31, 2025	J-GAAP
YoY	-0.3%	+104.0%	+125.9%	+75.7%	+75.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	56,811	1,880	1,636	1,326	24.4	3.3	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	49,082	-3,103	-3,284	-2,173	-40.0	-6.3	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	52,453	-2,703	-2,908	-2,943	-54.2	-5.2	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	74,776	9,987	9,779	8,297	152.8	13.4	Oct 31, 2024	J-GAAP
Oct - Dec, 2024	59,074	5,060	4,697	3,989	73.5	8.6	Jan 31, 2025	J-GAAP
YoY	+4.0%	+169.1%	+187.1%	+200.8%	+200.8%